PHOENIX, Arizona– The capital markets team of Ryan Schubert and Michael Hackett of Cushman & Wakefield, successfully closed the sale of Lakeview Village at Morrison Ranch. Phoenix-based Vestar sold the Bashas’ grocery anchored shopping center to Colorado-based JFRCO, LLC for $18.2 million ($194 PSF).
The 93,741-square-foot retail center, located at the southeast corner of Higley Road and Elliot Road in Gilbert, is anchored by a well-performing Bashas’ that occupies 52,443-square-feet of the leasable area. Developed in 2004, Lakeview Village at Morrison Ranch is currently 98.6% leased to an attractive tenancy including Dance Republic, Panda Express, Subway, UPS Store and Edward Jones to name a few.
Schubert commented, “Lakeview Village is a well-performing grocery anchored center in a high growth submarket of Phoenix.”
Ryan Schubert and Michael Hackett of Cushman & Wakefield negotiated the sale on behalf of the seller, Vestar and John Redfield of SRS Real Estate Partners represented the buyer, JRFCO.